IN BRIEF
IN BRIEF
• MILK quota acquisition can be financed from 1% over base for leased supplies from Ian Potter Associates and Highland Finance following a new contract agreement between the two firms. Quota bought for 38p/litre using the deal would cost 47p/litre over five years, which works out at 9.4p/litre.
• FENMARC Produce has been bought by its managers after shareholder approval in a deal which involved over £11m of funding. The company grades, packs and markets about 250,000t of fresh produce a year to multiple retailers and caterers and employs over 500 people at five sites in the eastern counties and Pembrokeshire. The companys annual turnover exceeds £40m.
• EAST Anglian co-op Framling-ham Farmers has reported a pre-tax surplus of £126,757 for the year ending June 30 – up 45% on the year.
The agricultural division (purchasing and marketing) generated £81,819, which will be rebated to members early next year. Subsid-iary companies Framtrade and Encompass Training Services made pre-tax profits of almost £17,500 and £27,500, respectively. The sum will be transferred to reserves, which now stand at £854,035.
Turnover in the purchasing department fell almost 10% to £21,799,400, mainly because of lower input prices. But the marketing department reported a 28% rise in combinable crop throughput to 119,244t. The co-op now has a membership of 330. *